I got an interesting insight yesterday into why Standard Chartered settled its case with regulators. Rumour has it they were terrified of having to put boss Peter Sands up in public to defend its actions. The spectre of Bob Diamond fell upon them and his fate loomed large on their horizon.
So what's one answer to the banking crisis? Putting bankers on the public podium seems to be the answer. Make them answer for what they've done. Watching them squirm is now required.
Senator Carl Levin is willing to do that in the USA.
We have Andrew Tyrie.
Oh well. It was a nice thought.
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The real reason is their US banking license was at stake. As most international transactions are in dollars any revocation of the license would have seriously damaged their business.The price of $340 m was over the top but it was the lesser of two evils for them.
That
And the fact they had no choice but settle as they admitted they’d got it wrong and didn’t want to have to say so publicly